The Union government led by Prime Minister Narendra Modi has a vision of becoming a ‘Viksit Bharat’ by 2047, with India needing to sustain an average growth rate of over 8% at constant prices for two decades, says the Economic Survey 2024-25.
The Economic Survey further stressed that for India to strengthen its current economic position and become a developed country by 2047, it needs to
“To realize its economic aspirations of becoming a developed India by the centenary of independence, India needs to achieve a growth rate of around 8% at constant prices for about two decades,” the report said.
Global Challenges
The survey said that the global economic environment will play a significant role in shaping India’s growth trajectory in the coming years. Factors such as international trade dynamics, geopolitical tensions such as war tensions and global economic trends will have a significant impact on India’s ability to sustain such high growth rates, especially when US President Donald Trump’s threat of tariff hikes looms large. This could take a huge toll on India’s growth rate as India exports heavily to the US and President Donald Trump’s threat of tariff hikes will affect not just India but the entire world.
The CEA-monitored report also highlights that while domestic policies and reforms are key to driving this growth, India’s success will depend on a range of factors, including investment in infrastructure, human capital development and innovations in technology.
“While this growth rate fluctuates, it is important to recognize that the global environment – political and economic – will influence India’s growth outcomes,” it reads.
If India is to remain a prosperous country, it must promote a conducive environment for investment, entrepreneurship and sustainable development.
Looking to India’s future, India’s current economic outlook and government policies set the stage for an ambitious roadmap to India 2047. Achieving this vision will require navigating complex global challenges and securing domestic stability.